Intelligent Tire Market Size By Type (Inflatable Tires And Solid Tires), By Application (Passenger Cars And Commercial Vehicles), By Geography Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Intelligent Tire Market Valuation – 2024-2031

The Intelligent Tire Market is poised for consistent growth, with the market projected to grow from a market size of USD 33.25 billion in 2023 to USD 55.03 billion by 2031, expanding at a CAGR of 6.50% from 2024 to 2031. This expansion is driven by a confluence of factors.

An increased emphasis on safety within the automotive industry is playing a significant role. By constantly monitoring tire pressure and tread wear, smart tires contribute to accident prevention by alerting drivers to potential problems before they become critical. The demand for improved fuel efficiency is being addressed by smart tires. They can maintain optimal tire pressure, which results in a reduction in fuel consumption. Also, the growing adoption of connected car technology is facilitating the integration of smart tires. This allows drivers to receive real-time information on the status of their tires, promoting better awareness and preventative maintenance.

Intelligent Tire MarketDefinition/ Overview

An Intelligent Tire is a type of modern tire equipped with sensors and communication technologies that collect and transmit real-time data about the tire’s condition and performance. These sensors monitor a variety of factors, including pressure, temperature, tread depth, and load. This data is subsequently transmitted to the vehicle’s onboard systems or external devices, improving safety, performance, and maintenance schedules.

Intelligent Tires can improve vehicle safety by delivering early warnings about probable tire problems, increasing fuel efficiency through better pressure management, and improving driver assistance systems by providing essential data for traction and stability control. In fleet management, these tires help to save downtime and maintenance costs by enabling predictive maintenance and guaranteeing optimal tire utilization.

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What are the Key Factors Driving the Intelligent Tire Market?

Intelligent tires, which include sensors that monitor pressure, temperature, and tread wear, deliver real-time data to drivers and vehicle systems. This enables preventative maintenance and eliminates accidents caused by underinflated or damaged tires. Improved tire performance also leads to enhanced handling and stability, particularly in critical situations.

The rise of connected automotive technology, as well as the development of self-driving vehicles, are driving up demand for intelligent tires. These vehicles rely extensively on real-time data from a variety of sensors, including those embedded in the tires, to maximize performance, safety features, and efficiency.

Furthermore, Intelligent tires can help improve fuel efficiency by delivering information on the ideal tire pressure. Properly inflated tires have less rolling resistance, resulting in less energy waste and lower fuel consumption. Additionally, technologies such as tread wear monitoring can encourage prompt tire changes, reducing wasteful fuel consumption.

What are the Primary Challenges Faced by the Intelligent Tire Market?

Intelligent tires include sensor technology and electronics, which greatly raises their price compared to ordinary tires. This presents a challenge for cost-conscious consumers, particularly in the replacement market. Also, integrating these sensors with current vehicle systems and guaranteeing flawless data transfer is challenging and necessitates changes to onboard diagnostics (OBD) systems.

Furthermore, the sensors and electronics contained in intelligent tires must be extremely durable to endure tough road conditions, temperature fluctuations, and potential damage from punctures or road debris. Replacing or repairing these components within the tire is difficult, and the long-term durability of these systems in real-world applications requires further testing.

Category-Wise Acumens

How Does Demand for Inflatable Tires Propel the Growth in the Market?

The inflatable tire segment is estimated to dominate the market during the forecast period. Most passenger cars, light trucks, SUVs, and even many commercial vehicles come equipped with inflatable tires. This wide installed base creates a considerably greater potential market for intelligent inflatable tires than solid tires, which have a more limited application range.

Inflatable tires provide an excellent blend of ride comfort, handling, and load-bearing capability. This adaptability makes them suited for a wide range of vehicles and driving conditions. Solid tires, while durable, maybe less comfortable due to their rigid structure.

Furthermore, manufacturers are focusing on smoothly integrating sensor technologies into inflatable tires. Advances in miniaturization and sensor design enable accurate pressure, temperature, and tread wear monitoring without jeopardizing the inflatable tire’s integrity or performance.

How Does Commercial Vehicles Bolster the Demand for Intelligent Tires in the Market?

The commercial vehicle segment is estimated to dominate the market during the forecast period. Commercial vehicles travel long distances and carry high loads, therefore tire health is crucial to safety and operating efficiency. Intelligent tires can help to avoid accidents caused by tire breakdowns, minimizing downtime and related liability expenses. The ability to monitor tire pressure and temperature remotely enables preventative maintenance, reducing roadside emergencies and increasing vehicle uptime.

Furthermore, major commercial trucking businesses operate large fleets of trucks. Intelligent tires have the ability to save money and improve safety in large-scale operations. The increasing use of intelligent tires in commercial vehicles creates the door for additional innovation and cost savings in this technology, resulting in a positive feedback loop for market growth.

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Country/Region-wise Acumens

What factors are driving the adoption of intelligent tires in different sub-regions within Asia Pacific?

The adoption of intelligent tires within the Asia Pacific region is being driven by a variety of factors. Economic growth and infrastructure development play a significant role. Rapid economic expansion in East Asia, particularly in China, Japan, and South Korea, leads to rising disposable income and increased vehicle ownership. This creates a larger market for intelligent tires, perceived as premium safety features. Additionally, government investment in infrastructure development, particularly high-speed rail networks, can indirectly benefit the intelligent tire market. As high-speed travel becomes more prevalent, a demand for tires optimized for performance and efficiency under these conditions might emerge.

Southeast Asia's economy is booming, but it's playing a different game compared to other regions. They're probably thinking about smart tire tech that's easier on the wallet, something everyone can afford. Plus, if the government steps in to make roads safer and less congested, intelligent tires could be part of the solution. Across the whole Asia Pacific area, they're cracking down with tougher rules on tire safety and fuel efficiency. Now, with features like real-time pressure checks and tread depth tracking, smart tires can really help manufacturers stay on the right side of the law. And with everyone caring more about being safe on the road, these intelligent tires are starting to look pretty good to the average driver.

In East Asia, people love new tech, and with everyone wanting smarter cars, intelligent tires that play nice with the car's computer could be a big hit. Over in Southeast Asia, there are tech fans too, but people might care more about saving money – so tires that help you use less gas or last longer could really take off. Plus, because all the big tire companies are fighting for your business, we're seeing more choices in smart tires for different budgets. Think about itIf your tires last longer and you spend less on gas, that's money in your pocket!

Can intelligent tires contribute to broader sustainability goals in the North American transportation sector, such as reducing emissions or optimizing fuel efficiency?

So, how can smart tires help us be more sustainable here in North America? Let's dive in. Because they give us real-time info on things like tire pressure and how worn down the tread is, intelligent tires can actually help us save fuel. How? They work to reduce something called rolling resistance – that's the energy your tires need just to keep going. Less rolling resistance means less wasted energy, which in turn means fewer emissions coming from our cars and trucks. But that's not all! Intelligent tires can also keep us safer by giving us a heads-up about potential problems before they turn into something major, like a blowout. Blowouts are a pain and can cause damage, plus needing roadside assistance burns extra fuel. By predicting when tires need replacing, these smart tires help keep them running their best, which also helps us save fuel.

Furthermore, intelligent tire technology can contribute to optimized resource use. They have the potential to extend tire life by enabling proactive maintenance and preventing premature wear. This reduces the frequency of replacements, leading to fewer tires being produced and disposed of, with a consequent decrease in overall environmental impact. Data-driven insights are another potential benefit. This data can be utilized by commercial fleets to optimize routes and driving behavior, minimizing unnecessary stops and idling. Reduced fuel consumption by commercial vehicles translates to a significant reduction in overall emissions within the transportation sector.

Additionally, the data collected by intelligent tires can be harnessed by manufacturers to develop new tire materials and designs that are more fuel-efficient and have a lower environmental footprint. It is important to acknowledge some challenges and considerations. The energy consumption of the sensors and wireless communication systems within intelligent tires needs to be addressed. The key lies in ensuring that the energy savings from improved fuel efficiency outweigh the energy consumption of the technology itself.

Competitive Landscape

The intelligent tire market is a bustling space teeming with established tire giants, innovative startups, and tech companies. This diverse group collaborates and competes to offer a range of intelligent tire solutions that cater to the evolving needs of the automotive industry. Cutting-edge sensor technology, strategic partnerships with car manufacturers and tech firms, and the ability to provide comprehensive tire management systems are the key battlegrounds in this market.

Some of the prominent players operating in the intelligent tire market include

Bridgestone Corporation, Michelin, Continental AG, Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Hankook Tire & Technology Co. Ltd., Nokian Tyres, Toyo Tire Corporation, Sumitomo Rubber Industries, Giti Tire, Yokohama Rubber Company, Mitas Tires, NIRA Dynamics AB, Nexen Tire Corporation, Smart Tire Company

Latest Developments

  • In March 2024, Continental launched ContiConnect Lite, an application that serves as a link to professional tire monitoring using sensor technology and data transfer. This tool is designed to incorporate tires into the vehicle network, providing up-to-date information on tire pressure and temperature in real-time.
  • In January 2024, Goodyear Tire & Rubber Company announced a partnership with TDK Corporation, a manufacturer of electronic components, recording, and data-storage media. The collaboration aims to accelerate the development and adoption of intelligent hardware and software integrated into vehicle ecosystems and tires.
  • In September 2023, Infineon launched an intelligent tire pressure monitoring sensor. The Infineon’s Xensiv SP49 is designed for intelligent tire functions such as on-tire auto-position sensing, inflation assistance, tire blowout, and load detection.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2024-2031

Growth Rate

CAGR of 6.50% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • By Type
  • By Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players
  • Bridgestone Corporation
  • Michelin
  • Continental AG
  • Goodyear Tire & Rubber Company
  • Pirelli & C. S.p.A.
  • Hankook Tire & Technology Co. Ltd.
  • Nokian Tyres
  • Toyo Tire Corporation
  • Sumitomo Rubber Industries
  • Giti Tire
  • Yokohama Rubber Company
  • Mitas Tires
  • NIRA Dynamics AB
  • Nexen Tire Corporation
  • Smart Tire Company
Customization

Report customization along with purchase available upon request

Intelligent Tire Market, By Category

Type

  • Inflatable Tires
  • Solid Tires

Application

  • Passenger Cars
  • Commercial Vehicles

Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Research Methodology of Market Research

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